Was Your Child Born in 2017? Check Your Bank Account!

In what seems like a bit of a random (but amazing) move, Westpac bank will be distributing $5 MILLION dollars into the bank account of Australian babes to help them on their way to saving money.

Just to be clear, the moolah will be spread across the accounts of all Aussie bubs - not $5 million each, unfortunately.

That’ll equate to $200 per bub born in 2017 as part of the bank’s ‘bump’ initiative.

Since announcing the program at the start of the year, the bank has received more than 25,000 expressions of interest from savvy parents, grandparents and aunties and uncles.

Of course, the move has meant a whole heap of enquiries from savvy parents, grandparents, aunts and uncles.

Westpac’s chief marketing officer Martine Jager said parents who have already signed up to the accounts can open them from this weekend.

“Parents need to open the account now which is an easy process ... the account is now live and we actually deposit the $200 for them,’’ she said.

“The earlier you start a regular savings habit and or financial literacy the better your life is.”

The initiative has been rolled out as part of the bank’s 200th birthday celebrations this month.

The bank will deposit $200 into new accounts for babies who have been signed up. The children can access the account at age 16.

The aim is to help children learn about the importance of saving and have a good head start with their own financial situation. “Financial literacy is traditionally poor in Australia, improvement needs to start in the home.”

If parents build on the initial $200 deposit at birth and tip in $20 every week the account could grow to $20,300 by the time the child turns 16 (based on a 2.3 per cent interest rate and no withdrawals are made, Tribeca Financial’s chief executive officer Ryan Watson explained.